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'Those who abused the economy prior to 1986 might still hate Cory Aquino for displacing them politically. But analyze the economic agenda she pursued.' EDSA37
As someone who inspired a nation to finally get a hold of its economic fate, wrestling it from those who for decades buried us among the swamp cabbage patches, waylaid among the thickets and tall grass where we found ourselves in 1986, Cory Aquino took distinct and definitive steps to return the economy to a path of growth. She did more than negate the immediate past.
From 1965 when total Philippine debt was merely $600 million, total debt in 1986 ballooned to over $26 billion – an increase of over 4,300%. In the decade prior to 1986, most of the foreign debts were incurred to repay those coming due or were funneled to sectors such as the coconut and sugar agro-industrial enterprises whose specific export revenues, rather than be reinvested in the domestic economy, were deposited offshore, diverted together with capital flight funds.
These impacted negatively on our current account, a function of export revenues, remittances, and foreign currency savings. Our current account was in an unsustainable deep deficit of over 8% of our gross national earnings. This deficit worsens if we considered GDP as the denominator as this would exclude foreign receipts.
Ironically, prior to 1986 the global economy surged forward. The planet’s economies grew. We did not. Deja vu. In these last couple of months, as accursed as before, we still continue to trail behind.Today, consider our Misery Index that is a function of unemployment and inflation. Sharply skewing our consumer price index northward, our, once more due to gross agricultural mismanagement, is highest in the region, bloating faster than any economy similarly affected by negative external factors.
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